UBS 'disappointed' it did not do more to detect control lapses

UBS said in response to the Monetary Authority of Singapore's detection of anti money-laundering (AML) control lapses at the bank that it was "disappointed we did not do more to detect and report this earlier".

In a reply on Tuesday morning to a Business Times query, it said it was "further strengthening our controls and appropriate action will be taken on individuals responsible for the lapses".

It added: "We will donate all profits from this account to the establishment of an industry-wide AML programme to be run by an independent educational body to help combat financial crime and reinforce Singapore's status as a financial centre which adheres to the highest standards."